[moneydance] new loan

[Sean Reilly]

Hi Jim,

The $50 fee would have reduced the disbursement amount, but the
remaining principal (aka "loan amount") would still be $10,000.  I
would set the loan amount as $10,000 and record the $50 fee separately
from the account that received the disbursement.

Thanks,
Sean

On 11/25/06, Jim Smeall <macturbo at centurytel.net> wrote:
> Sean,
> The loan amount is $10,000, They take out a loan fee of $50 when they
> disburse the loan. 5 year loan with 26 payments per year. Interest
> rate is 4.625%.  Total amount of payments is $11,242.71. The total of
> payments isn't exact, $86.51 X 130 = $11,246.30.
>
> I entered $9,950.00 as the loan amount, the interest rate, number of
> payments, payments per year and the start date (12/1/2006). But
> Moneydance states that I have 129 payments remaining. I haven't made
> a payment yet.
>
> If I enter $10,000 how do I show the loan fee and get the correct
> balance prior to making any payments?
>
> ~Jim